LANTANA, FLA. — Miami-based Integra Investments has purchased Lantana Village Square, a 165,000-square-foot shopping center located at 1001 S. Dixie Highway in Lantana, a town in South Florida’s Palm Beach County. The buyer plans to raze the center’s vacant K-Mart department store and develop workforce housing that is affordable for Lantana renters. The overall development is situated on a 19-acre site within one mile of South Palm Beach. Lantana Village Square’s existing retailers such as Winn-Dixie, Subway and H&R Block will remain, which will create a mixed-use community once the workforce housing component is complete. Integra is utilizing the State of Florida’s Live Local Act to help fund the development. Integra acquired Lantana Village Square from Saglo Development for $14.9 million. Bradesco Bank provided acquisition financing.
GRAND PRAIRIE, TEXAS — Locally based developer JPI has broken ground on Phase I of Jefferson Loyd Park, a multifamily project in the central metroplex city of Grand Prairie that will add 450 units to the local supply. The development will consist of eight three-story buildings on a 25-acre site. Units will come in one-, two- and three-bedroom floor plans, and amenities will include a pool and a fitness center. Completion of Phase I is slated for early 2025. Construction of Phase II of Jefferson Loyd Park, which will feature 352 units, is set to commence later this year. Other project partners include Demarest (architect), Kimley-Horn (civil engineer) and Happy State Bank (construction lender).
FOREST PARK, ILL. — Interra Realty has brokered the $1.8 million sale of a 15-unit apartment building in the Chicago suburb of Forest Park. Located at 102 Rockford Ave., the three-story property was constructed in 1979. There are five studios and 10 one-bedroom units, all of which were fully occupied at the time of sale. Patrick Kennelly and Paul Waterloo of Interra represented both parties in the transaction. The buyer completed a 1031 exchange.
FORT WORTH, TEXAS — North Carolina-based investment firm Bell Partners has acquired Presidio East, a 312-unit apartment community in North Fort Worth that was built in 2017. According to Apartments.com, the property offers one-, two- and three-bedroom units that range in size from 661 to 1,469 square feet and amenities such as a pool, fitness center, clubhouse, dog park and package lockers. Bell Partners will implement a value-add program and rebrand the property as Bell Presidio. The seller and sales price were not disclosed.
MONTCLAIR, CALIF. — Archway Equities has acquired The Paseos at Montclair, a 385-unit apartment community in the Inland Empire city of Montclair, for $150 million. The Paseos at Montclair was built in 2014. The garden-style community offers studio, one-, two- and three-bedroom units. Amenities include two pools with spas and cabanas, a fitness center, yoga room, children’s entertainment suite, conference center and entertainment lounge. Pacific Urban Investors’ structured finance group provided preferred equity to facilitate the transaction. The seller was not disclosed.
DICKINSON, N.D. — Friedman Real Estate brokered the sale of West River Apartments. West River Apartments is 234-unit community in Dickinson, a city in Stark County. The community offers studio, one-, two- and three-bedroom units, according to the property website. Amenities include a fitness center, 24-hour emergency maintenance and a dog park. Rich Deptula and Steven Silverman led the Friedman team. The buyer, seller and price were not disclosed.
JERSEY CITY, N.J. — Regional developer Titanium Realty Group has received a $42.5 million bridge loan for a newly built, 148-unit multifamily project in Jersey City. The 19-story building houses 80 studios, 46 one-bedroom units, 19 two-bedroom residences and three three-bedroom apartments, as well as 4,500 square feet of ground-floor retail space. Daniel Cohen and Tal Savariego of Meridian Capital Group arranged the debt through Lightstone Capital Group. Proceeds will be used to retire existing debt and fund lease-up costs.
WAREHAM, MASS. — MassHousing has provided $16.3 million in financing for the development of a 93-unit affordable housing project in Wareham, located near Cape Cod in the southern part of The Bay State. The development will consist of two complexes that will feature a range of floor plans and income restrictions, as well as shared amenities. The financing includes $8.4 million in permanent financing, a $6.6 million bridge loan and $1 million from the agency’s workforce housing initiative. The borrower is Pennrose LLC.
NEW YORK CITY — Locally based brokerage firm Brax Realty has arranged the $8 million sale of a 37-unit apartment building in Manhattan’s Gramercy Park neighborhood. Michael Ferrara and Alan Stenson of Brax Realty represented the seller, a long-term owner, in the transaction and procured the purchaser, a private investor. Both parties requested anonymity. The property was 84 percent occupied at the time of sale.
ATLANTA — Northland has partnered with Ascent Property Management to purchase Glenwood at Grant Park, a 216-unit apartment community located in Atlanta’s Grant Park neighborhood. The seller and sales price were not disclosed. Built in 2016, the midrise property features a mix of studio, one- and two-bedroom apartments. Amenities include a 24-hour business center, fitness center, bocce ball court, coffee bar, resort-style pool and courtyard, pet washing station, a resident lounge and game room, package lockers, EV charging stations and access to the Atlanta BeltLine. This is Northland’s ninth acquisition in Georgia since entering the market in 2020.